Bitmine Dives Deep on Ethereum, Snaps Up $205M Worth Amid $10B Losses

Bitmine has been aggressively buying Ethereum (ETH) despite facing nearly $10 billion in unrealized losses. The company acquired 125,000 ETH over three days in late June, with a total value of around $205 million at the time. This purchase was part of a broader trend, as Bitmine had already purchased 126,971 ETH the previous week for approximately $207 million.

Bitmine's holdings now represent about 4.59% of Ethereum's circulating supply, which is roughly 92% of its goal to accumulate 5% of the total supply. The company's chairman and co-founder Tom Lee has said that the price decline does not reflect a change in Ethereum's core fundamentals, but rather presents a buying opportunity.

Bitmine's shares (BMNR) closed on June 10 down 3.46% at $15.64. The firm has framed lower prices as a chance to accumulate more ETH, and it has filed to issue 3 million shares of a Series A perpetual preferred stock with a 9.5% annual dividend rate.